Japan Ruling Camp, DPFP Reach Agreement on Economic Package

Tokyo, Nov. 20 (Jiji Press)--Japan's ruling coalition and the opposition Democratic Party for the People on Wednesday reached an agreement on the government's planned comprehensive economic package.

The ruling Liberal Democratic Party, and its junior coalition partner, Komeito, agreed to clearly state that the minimum annual taxable income will be raised from the current 1.03 million yen as part of annual tax system reform for fiscal 2025.

On the gasoline tax, the policy chiefs agreed to clearly state that the abolition of its temporary rate will be discussed as part of a broader review of automobile-related taxes.

The government aims to adopt the economic package on Friday and enact a supplementary budget to finance it at an extraordinary parliamentary session to be convened on Nov. 28.

The policy chiefs agreed to make efforts to ensure the passage of the extra budget by the end of this year.

[Copyright The Jiji Press, Ltd.]